How to Set Realistic Home Sale Expectations
Essential Advice for Home Sellers
Understand the current real estate market and consult with your agent to set realistic expectations.
Evaluate your home's value objectively by comparing it to similar properties in the area.
Prepare your home for sale by decluttering, cleaning, and staging it to make a good impression on potential buyers.
When it comes to selling your home, setting realistic expectations is crucial for a smooth and successful process. To get to a point where you are making good decisions, you need information. This might come across as tough love for those who need to hear it. Don’t assume that you know what’s best, and ignore the truth.
In this article, I will provide you with valuable advice on setting realistic expectations as a home seller. Sellers who are unreasonable or who don’t have a realistic expectations about the process can make mistakes and even put themselves in legal jeopardy.
To set realistic expectations as a home seller, it is crucial to understand the current market, evaluate your home's value objectively, and prepare it for sale. Consult with a knowledgeable real estate agent who can provide market insights and professional guidance. By setting realistic expectations, you increase your chances of a successful and stress-free home selling journey.
Selling Your Home Isn't Easy – But it's not Rocket Science Either
Look we get the information maelstrom environment that we’re in. I can binge watch a home improvement show and feel like an expert. I can read real estate articles – like the ones we provide – and educate myself on the process. But something that I’ve learned as a full-time real estate agent is that you never stop learning. Never assume you know best.
For agents, our realism comes from doing it over and over again. We know what to expect and what is typical. For most sellers this might be the first and only time they have ever sold a home. This article should be a gentle reminder for most that we need to be realistic throughout the home sale process.
Understand the Current Market
To set realistic expectations as a home seller, it's essential to have a good understanding of the current real estate market. Markets can fluctuate, and factors such as location, season, and economic conditions can influence buyer demand and property values.
Ask your agent about the local market trends, recent sales, and competing properties in your area. Ask if they have any concerns about the trend. There are a lot of agents who will tell you it’s always a good time to buy and always a good time to sell. This may be true, but in order to put on a good sales-face it sacrifices the reality that things might be tougher than expected.
Do your research and get an agent who will tell it to you straight.
Evaluate Your Home's Value
Before listing your home, it's crucial to evaluate its value realistically. Consider factors such as its condition, location, size, and unique features. Conduct a comparative market analysis to assess the prices of similar homes in your area. This will give you a better idea of your home's market value and help you set a competitive listing price.
Understanding your home's value vs its peers. That’s what’s really important. Is your house better or worse than similar properties. Most seller’s are unrealistic about their homes value because they value things different than the market.
Ex: We’ve heard someone tell us that their home was worth $20,000 more than the neighbors. It took us a while to drill down and figure out why. It came down to they felt their backyard was better than a similar neighboring sale. The seller felt their small patio – an upgrade of probably $500 with well kept plantings – was worth a substantial premium.
We explained that the market might value their home as nicer, and that the garden would help sell the property faster, but it was substantially the same home. They were unrealistic with their price. Nothing we could do or say would sway them.
They went with an agent that acquiesced to their list price. The home sat on the market for way too long without a price cut, and eventually sold at a price lower than their neighbors.
Had they listed at the other price, a buyer would have compared them and found their house did deserve a premium. Unfortunately, sitting on the market for a few months can stigmatize a property causing it to be prey for vultures looking for a deal.
Be realistic. It’ll save you time and money.
Prepare Your Home for Sale
First impressions matter when selling a home. To set realistic expectations, invest time and effort in preparing your home for sale. Declutter, clean, and stage your home to make it appealing to potential buyers. Consider making necessary repairs or improvements that can enhance its market value.
By presenting your home in its best light, you increase the chances of attracting qualified buyers and receiving competitive offers. We are filling up out website with tons of content to help you do just that, so look around.
Be Realistic About Timeframes
Selling a home can take time, and it's important to be realistic about the timeframes involved. From preparing your home for sale to marketing it, negotiating offers, and closing the deal, the process can vary in duration.
Understand that it may take several weeks or even months to find the right buyer. One of the fastest contract to settlements I’ve ever worked with took 26 days… and was a cash deal. Most of the time it takes 30-60 days. Being patient and flexible with timeframes will help you avoid unnecessary stress and disappointment.
Work with a Knowledgeable Realtor
Partnering with a knowledgeable and experienced real estate agent is invaluable when selling your home. Your agent wants you to avoid as much headache and stress as possible.
A good agent can provide expert guidance, market insights, and professional marketing strategies to attract potential buyers. They will also negotiate on your behalf. By working with a real estate agent you can rely on their expertise to help set realistic expectations.
Set Realistic Home Sale Expectations
Setting realistic expectations as a seller is crucial for a successful and efficient home sale. The hardest part is keeping an open mind and allowing the market to tell you what you home is worth.
You’re going to save yourself time and money. Stubbornness and overconfidence is a quick way to waste your money and a lot of people's time. Remember, by setting realistic expectations, you are setting yourself up for a positive and rewarding home selling journey.
Comments